Investment Opportunity

Provision of premium quality triple-play telecoms services of fixed voice, broadband access and voice mobility in Nigeria. Already acquired a 2.3GHz spectrum license and to launch a national WiMax network by end of 2010.Needs US$100 million from cheaper sources to refinance most of the existing bank debts; vendors financing and working capital.

Mobitel is a pioneering provider of telecommunications services in Nigeria and was wholly acquired by a consortium led by Omni Ventures in late 2008. We were licensed by the National Communications Commission to provide wireless broadband services nationwide and were given a 20-megahertz slot in the 2.3 gigahertz frequency.

We are building a Wimax-enabled cutting edge network with special focus on broadband. We are at the verge of rolling but need additional funds/investors to refinance our debt and for vendor financing and working capital.

As regards funding, I want to start by stating the issues we have:* We are currently highly geared - bank debt constitutes over 90% of total funds raised so far.* The entire bank loan is from one local bank and we are already in their top 10 largest borrowers.* The current bank loans were obtained at very high cost.* Because of the delayed launched, we have re-structured bank loan repayment a couple of times.

Given the above, we need about US$100 million from cheaper sources:* US$50 million to refinance most of the existing bank debt* US$30m and US$20 to fund down payments for vendor financing and working capital respectively

The source of this should be a mix of equity/debt/hybrid with equity.

The interesting thing is that broadband internet is the next big thing in Nigeria and a market just crying/waiting to take off and explode. The company that is able to crack this could be something of the next MTN (Africa's leading Telecoms company).

It is a phenomenally profitable business and according to our conservative estimate of 200,000 subscribers in our business plan,plan we should have after tax earning of $38.6 million by the second year and annual growth rate of 25% considering the large and unmet demand for broadband.